The story behind an alleged fraud worth millions in Nova Scotia’s lobster industry

In June of 2015, three men stepped out of a summer day thick with flies and into the Beaverdam Lake, N.S., cottage of lobster dealer Wayne Banks. It wasn’t a casual visit. They had arrived unannounced at his doorstep, claiming that in the space of about 10 days someone had ripped them off to the tune of $1.6 million. “Have a seat, you fellas,” said Banks. “I think I know why you’re here. But there ain’t nothing I can tell you.” The secret recording of that conversation, later provided to CBC News by one of the men, offers a glimpse into a large alleged fraud case, one that reveals the money and high stakes at play in Canada’s most lucrative lobster industry. Only later would local RCMP team up with the federal serious and organized crime unit to launch a joint investigation into what they called a complex criminal operation, one some feared could have broader ramifications to the industry. But on that June day two years ago, one name threaded its way through the conversation — Wayne Banks’s younger brother, convicted fraudster Terry Banks.”How many families get destroyed because of Terry f–king Banks again?” said one of the visiting men in exasperation. “I don’t understand why Terry’s still alive. I don’t.” Big Story. Click here to read it 08:06

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